How Saint John Area Businesses Get A+ for Social Impact Investment
SAINT JOHN – The Million Dollar Pledge – a social impact fund – is celebrating its first anniversary, and its Saint John-area investors have unanimously agreed it’s the best way to invest.
It started a year ago with a bold idea.
Founding member, Dave Veale explains, “I thought, what if I donated $10,000 per year for 10 years and got others to the same … do the math, it quickly adds up.”
Veale, the CEO of Vision Coaching, says the key to the concept was having the assurance that funds raised would have maximum social impact.
“The ‘secret sauce’ was having the backing of the Saint John United Way as our trusted social impact investors. Because of them, we’re investing in things that are truly having an impact on making people’s lives better.”
More Million Dollar Pledge partners have come aboard. They now form a network of progressive, socially conscious business leaders and staff having an impact in our local community.
Current members include Aquila Tours, Domino’s Pizza, Hemmings House, InteliSys Aviation, Mrs. Dunster’s/Kredl’s, Scott McCain, Spartan Systems, Teed Saunders Doyle, Town Health Solutions, Vision Coaching, an anonymous donor, and newest member, Sunny Corner Enterprises.
Pledge partners, with the counsel of United Way’s investment advisors, decide how best to invest.
For the first year, they focused on one strategy: Academic success for children and youth. Goals were set and results were monitored. ROI was measured not by dollars and cents, but by the real impact on improving particularly problematic unignorable social issues in the region.
Now, at the one-year mark, pledge members have agreed to stay the course.
“My head and my heart tell me it’s the right thing to do,” says Danielle Timmons with Aquila Tours. “We’re taking a smart approach to helping our society’s most vulnerable – kids living in poverty.” Research says that 84 percent of children who grow up in poverty end up living in poverty as adults. “We’re breaking the cycle of generational poverty.”
Eric Lloyd, President of Sunny Corner Enterprises and the newest Pledge member says, “I was very impressed by the rigor in the management of the fund, but more importantly the care in discussing and determining where the group could have a measurable long-lasting impact. I’m convinced that the Million Dollar Pledge is working on strategies that will have lasting impact in the community for many struggling kids and their families. Being able to participate in something that will have a real impact locally is both an inspiring and emotional experience. I am so humbled and honoured to be able to assist.”
Partners monitor and manage their pledge portfolio for the greatest return; here are some results:
- 95 percent of students from Milltown, Blacks Harbour, and Saint John’s South End maintained or improved their literacy and numeracy over the summer.
- 78 percent of children with chronic absences from school improved their attendance, some by more than 21 days!
- 85 percent of children who were struggling with reading improved their reading, 52 percent by more than 3 levels!
“You can’t manage what you can’t measure,” explains Alexya Heelis, Interim Executive Director of the United Way. “In the social sector, a lot of people think you can’t measure impact. That’s simply not true.”
“The difference between the Million Dollar Pledge and many other charitable efforts is that our collective donation is treated like an investment fund,” says Andrew Logan with Teed Saunders Doyle. “In terms of measuring Return on Impact, I give the Million Dollar Pledge an A+.”
To join the effort or to find more data on how The Million Dollar Pledge has positively impacted Greater Saint John, visit https://unitedwaysaintjohn.com/the-million-dollar-pledge/ or contact Alexya Heelis at [email protected].